More Americans are deciding that they will have to work longer and retire later. There are various reasons for this trend -- insufficient savings, job loss, the recession, the cost of health care being among them.

This poses an interesting question. When do you start to receive your Social Security benefits if you are working longer? These benefits can be started as early as age 62 and as late as age 70. The benefit is based on your earnings' history and the age when you start. Depending on your year of birth, you have what is considered a normal retirement age. For example, if you were born in 1944, your normal retirement age is 66.

If you take your benefits before your normal retirement age, then the amount is reduced by a percentage. If our retiree born in 1944 with a normal retirement age of 66 decides to take his benefit at age 62, then the age 66 amount is reduced by 25 percent.

Conversely, if our retiree decides he doesn’t really need the money and waiting until age 70 may be the way to go as he can earn 8 percent per year by waiting -- so-called delayed retirement benefits.

Make certain that if you are working, you factor this into the early versus later equation. For 2013, earnings more than $15,120 mean a temporary loss of benefits as they are reduced by $1 for every $2 of earned income for years before normal retirement age. After that one may earn as much as he or she wants without any impact on the benefits. The Social Security Administration does recalculate the benefit amount based on your entire earnings history so these earnings eventually count.

What is the right time for starting your benefits depends on your unique situation. Some factors you might want to consider are:

-- Whether you plan on continuing to work-- Your health-- The taxability of your benefits-- The survivor benefits available to your spouse

If you are in poor health or need the money, taking benefits early might make more sense. Let’s say you have a family history of longevity, then, taking a larger check later might make better sense than taking a smaller check longer.

If your spouse needs a larger survivor benefit, taking it later may work better. Make sure to review such strategies as “file and suspend” and taking benefits on your own record first and then switching to benefits on your spouse’s record later. As these strategies are complicated, consider discussing them with someone versed in Social Security rules before attempting to implement them.

Finally, keep in mind that Social Security benefits were only to represent 38 percent of a retiree’s income. Saving additional money is the key to success in retirement. For more information see Social Security’s website www.ssa.gov, which has much to offer.